Standard Life Aberdeen has initiated the first tranche of its planned £1.75 billion share buyback programme.
The firm, co-headed by chief executives Keith Skeoch (pictured left) and Martin Gilbert (right), announced in its interim trading update earlier this week it would be bringing forward the programme.
The firm decided to return the money to shareholders following the £3.2 billion sale of its insurance business to Phoenix. This is expected to complete in the third quarter.
In an announcement this morning, SLA said it was commencing the first £175 million tranche of the buyback programme, which will run from 9 August and end no later than 21 November.
SLA's first-half numbers showed the business suffered a £19 billion outflow in the first half as its flagship Global Absolute Return Strategies (Gars) fund suffered a further £5.3 billion in redemptions.